WASHINGTON, D.C., October 30, 1998 --- The International Finance Corporation (IFC) launched a Eurosterling 200 million borrowing (approximately US$335,800,000) issued under its Global Medium Term Note program. The notes with a maturity in December 2009 carry an annual coupon of 5.625 percent per annum and were issued at a price of 99.427 percent of par. The proceeds of the issue were swapped into USD floating rate funds. The lead manager for the issue is Barclays Bank plc.
This transaction is the eleventh borrowing for the new fiscal year which began on July 1, 1998, and brings IFC's market borrowings for FY99 to approximately US$1,536 million. The funds which IFC raises in the international capital markets are used to support the operations of the Corporation, including funding its lending operations.
IFC, part of the World Bank Group, fosters economic growth in the developing world by financing private sector investments, mobilizing capital in the international financial markets and providing technical assistance and advice to governments. Its long-term debt is rated triple-A by both Standard & Poor's and Moody's Investors Service.